Kiwibank cuts rates; holds mortgage special

17/05/2012

Kiwibank has today cut fixed home loan rates from one to five years plus announced it is keeping its one-year fixed rate “special” of 4.99 per cent p.a. open, but for a limited time.

Kiwibank normally operates short-term specials for no more than three weeks, but is keeping the 4.99 offer open because of the phenomenal success of the promotion. The rate prompted a flurry of rate changes by other banks, but no direct match for the special.

The special requires 30 per cent (or more) equity in the property.

Changes announced today to carded home-loan rates are: Standard one year reduced 0.40% p.a. to 5.25% p.a.; two years reduced 0.24% to 5.55%; three years reduced 0.35% to 5.75%; four year reduced 0.40% to 6.10% and five years reduced 0.40% to 6.50%.